Santos Ltd. reported a 25% plunge in underlying net profit after tax for FY2025, falling to $898 million, alongside a 10% planned reduction in staff. The Australian oil and gas giant attributed the sharp earnings decline primarily to a near 20% slump in oil prices throughout the year, which translated to lower realized prices on its sales despite higher volumes. CEO Kevin Gallagher stated the company is targeting a head count reduction of around 10% as part of a cost-cutting and rightsizing strategy following a period of major growth.

Santos declared the same final dividend as last year, 10.3 cents per share, while signaling production is set to rise by 25% to 30% by 2027 through projects like Braossa and Pikka. The company also secured new gas exploration permits in Queensland, aiming to boost supplies amid rising Asian demand.